Tulsequah Chief resource firmed up (November 08, 2004)

Redfern Resources, a unit of Redcorp Ventures (RDV-T), has intersected impressive gold, silver and base metal mineralization at its Tulsequah Chief property, 100 km south of Atlin, B.C.

Six holes tested the H massive sulphide lens, highlighted by one hole that intersected an estimated 20-metre true width grading 3.77 grams gold and 143 grams silver per tonne, plus 1.25% copper and 9.2% zinc. Another hole cut 14 metres (true width) grading 4.5 grams gold, 202 grams silver, 1.16% copper and 6.5% zinc.

All holes have been drilled from underground workings. The property last saw production in the 1950s.

Four holes intersected the G zone, a faulted offset of the main zone. The zone comprises a series of stacked sulphide lenses. One hole intersected a 2-metre (true width) lens grading 7.4 grams gold, 439 grams silver, 8% copper, 3% lead and 18% zinc at 223 metres down-hole, followed by two other lenses. The deepest was 21 metres farther downhole, where 5 metres (true width) graded 7.8 grams gold, 236 grams silver, 1.4% copper, 2.9% lead and 11% zinc.

The G zone is 45 metres below existing underground development.

Five holes were drilled into the main deposit. One of these intersected 22 metres (true width) grading 5.2 grams gold, 158 grams silver, 2.9% copper, 1% lead and 7.3% zinc.

A couple of holes drilled along the western margin of the deposit failed to intersect a high percentage of sulphide (but up to 0.9% zinc was cut over 50 metres). Two holes tested the eastern margin and hit either narrow or lower-grade mineralization.

Since August, assays from 22 holes have been released. Six of these holes were abandoned prior to reaching their targets because the drills were not able to cut faults. Thirteen additional holes have assay data pending. The current program entails about 26,600 metres in 50 holes. Results will be incorporated into a new resource estimate.

In 1995, the project was estimated to contain a measured and indicated resource of 5.9 million tonnes grading 2.59 grams gold, 107.41 grams silver, 1.42% copper, 1.26% lead and 6.72% zinc.

Redfern acquired the 160-sq.-km property from Teck Cominco (TEK-T). A royalty of 10 per dry short ton of ore milled is payable on the Tulsequah and adjacent Big Bull properties.